Naira Appreciates to N414.30/$1 Despite 34.9% Spike in Turnover

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By Adedapo Adesanya

The Naira for a second session appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.09 per cent or 37 kobo on Friday, October 8.

Business Post gathered from FMDQ Securities Exchange that the local currency was traded at the FX market segment yesterday at N414.30/$1 in contrast to N414.67/$1 it traded at the previous trading session.

At the final trading session of the week, the turnover went up by $93.16 million or 34.9 per cent as transactions worth $359.48 million were recorded as against the $266.32 million published at the preceding session.

At the interbank window of the forex market yesterday, the exchange rate of the domestic currency to the American Dollar was flat at N410.81/$1, according to data obtained from the website of the Central Bank of Nigeria (CBN).

Meanwhile, trades at the cryptocurrency market swayed largely to the bullish side as six of the 10 digital currencies tracked by this newspaper closed in the positive territory just like the preceding trading session.

Tron (TRX) recorded the highest gain at the market on Friday as its value went up by 5.0 per cent to settle at N57.55, while Bitcoin, the most popular of the digital currencies, appreciated by 1.4 per cent to sell at N30,847,609.36.

Further, Dogecoin(DOGE) rose by 0.9 per cent to sell at N145.92, the US Dollar Tether (USDT) moved up by 0.6 per cent to sell for N572.23, Ripple (XRP) gained 0.1 per cent during the trading day to trade at N602.05, while Litecoin (LTC) improved by 0.4 per cent to sell at 103,066.46.

In the negative zone, Dash (DASH) slid by 4.8 per cent to sell for N105,500.01, Binance Coin (BNB) went down by 1.9 per cent to trade at N173,375.30, Ethereum (ETH) depreciated by 1.1 per cent to trade at N2,021,949.82 while the value of Cardano (ADA) went down by 0.8 per cent on Friday to finish at N1,301.86.

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